Cromwell has announced the Cromwell Polish Retail Fund (CPRF) received a 2020 Global Real Estate Sustainability Benchmark (GRESB) score of 72, an increase of 29 points since first reporting in 2014.
Cromwell’s Chief Sustainability Officer, Phil Cowling, commented, “Cromwell’s ongoing commitment is to reduce the environmental impact of our funds and operations and continually improve the sustainability performance of our owned and managed assets.”
“A 29-point increase in CPRF’s GRESB score since 2014 is a great testament to the hard work of our Polish team,” he added.
CPRF contains seven catchment-dominating shopping centres. In August 2019, Cromwell opened the newest section of Janki Shopping Centre in Warsaw, following the completion of a major €65 million (A$110 million) refurbishment which added 21,000 sqm of gross lettable area.
Karol Pilniewicz, Head of Central and Eastern Europe (CEE) added, “It is wonderful to see CPRF continue to receive recognition for its ESG performance, after recently celebrating Janki Shopping Centre’s transformation winning the gold award at the 'Retail Scheme's Redevelopment / Extension / Modernisation of the Year' category at the 11th Annual Polish Council of Shopping Centres Retail Awards.”
In CEE, Cromwell has 45 real estate professionals on the ground, managing 21 assets with 639 tenant-customers and over 749,000 sqm of space.
For more information on CPRF performance please visit www.cromwellpropertygroup.com/sustainability/performance to access the 2020 GRESB scorecard.
Launched in 2009, GRESB is an investor-driven global ESG benchmark and reporting framework for listed property companies, private property funds, developers and investors that invest directly in real estate.
Participation in the 2020 assessment grew 22% amid accelerating investor demand for ESG data, now covering 1,229 portfolios (2019: 1,005) worth more than US$4.8 trillion AUM. Despite the challenges of the COVID-19 crisis, this increase in participation demonstrates the real estate industry continues to respond decisively to the accelerating investor demand for quality and comparable ESG data.
GRESB measures and ranks public disclosure practices of participating listed entities on an annual basis. Categories assessed include sustainability governance, sustainability implementation, operational performance and stakeholder engagement practices.